PG&E Corp (PCG) 2020 Q4 法說會逐字稿

Thank you for standing by, and welcome to the PG&E Corporation Fourth Quarter 2020 Earnings Release and Conference Call. (Operator Instructions)

感謝您的支持，歡迎來到 PG&E Corporation 2020 年第四季度收益發布和電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to Matt Fallon, Senior Director, Investor Relations, PG&E. Mr. Fallon, please go ahead.

我現在想將會議交給 PG&E 投資者關係高級總監 Matt Fallon。法倫先生，請繼續。

Good morning. Thank you for participating in PG&E's Fourth Quarter 2020 Earnings Conference Call. Joining us today are Patti Poppe, our Chief Executive Officer; and Chris Foster, Vice President and Interim Chief Financial Officer.

早上好。感謝您參加 PG&E 2020 年第四季度收益電話會議。今天加入我們的是我們的首席執行官 Patti Poppe；副總裁兼臨時首席財務官 Chris Foster。

I want to remind you that our discussion will include forward-looking statements about our outlook for future financial results, which are based on assumptions, forecasts, expectations and information currently available to management. Some of the important factors that could affect the company's actual financial results are described on the second page of today's fourth quarter earnings call presentation.

我想提醒您，我們的討論將包括關於我們未來財務業績展望的前瞻性陳述，這些陳述基於假設、預測、預期和管理層目前可獲得的信息。今天第四季度財報電話會議的第二頁介紹了一些可能影響公司實際財務業績的重要因素。

The presentation also includes a reconciliation between non-GAAP and GAAP measures and can be found online, along with other information at investor.pgecorp.com. We also encourage you to review our annual report on Form 10-K for the year ended December 31, 2020.

該演示文稿還包括非 GAAP 和 GAAP 措施之間的對賬，可以在網上找到，以及 investor.pgecorp.com 上的其他信息。我們還鼓勵您查看我們截至 2020 年 12 月 31 日止年度的 10-K 表格年度報告。

With that, let's move on to the person you all want to hear from, Patti Poppe.

有了這個，讓我們繼續談談你們都想听到的人，Patti Poppe。

Thank you, Matt, and good morning, everyone. I am so delighted to be with you for my very first PG&E earnings call today. I've been here almost 2 months and have learned a lot by engaging with my coworkers and many external stakeholders. I'll highlight today our 2020 results, our 2021 and long-term outlook and what I've learned so far from careful listening, and importantly, what we're doing about it right now.

謝謝你，馬特，大家早上好。我很高興今天能和你一起參加我的第一次 PG&E 財報電話會議。我來這裡已經將近 2 個月了，通過與我的同事和許多外部利益相關者的接觸，我學到了很多東西。我今天將重點介紹我們 2020 年的結果、我們的 2021 年和長期展望，以及迄今為止我從仔細聆聽中學到的東西，更重要的是，我們現在正在做些什麼。

We delivered solid Q4 non-GAAP core earnings of $0.21 per share in the fourth quarter and $1.61 for the full year. We're affirming non-GAAP core earnings of $0.95 to $1.05 per fully diluted share for 2021. In addition, we're rolling forward our 5-year plan, which takes us through 2025. I'm happy to report that we successfully executed the sale of our transmission tower wireless licenses, delivering on our goal to reduce our 2021 equity needs. Our 2021 equity needs are now down to a range of $0 to $400 million. We have visibility on our investments and we're increasing the quality of the plan and our guidance. Today, we're introducing a 2021 to 2025 non-GAAP core EPS CAGR of 10%.

我們在第四季度實現了穩健的第四季度非 GAAP 核心收益，每股收益為 0.21 美元，全年為 1.61 美元。我們確認 2021 年非 GAAP 核心每股完全攤薄收益為 0.95 美元至 1.05 美元。此外，我們正在推進我們的 5 年計劃，該計劃將我們帶到 2025 年。我很高興地報告我們成功地執行了出售我們的傳輸塔無線許可證，實現我們減少 2021 年股權需求的目標。我們 2021 年的股權需求現在降至 0 到 4 億美元之間。我們對我們的投資有可見性，並且我們正在提高計劃和指導的質量。今天，我們將介紹 2021 年至 2025 年 10% 的非 GAAP 核心每股收益複合年增長率。

As we bring our new leadership team into place, we're building a clear sky playbook based on a lean operating system and delivering a regionalized hometown experience. We're evaluating our work plan, focused on what's best longer term for our customers. We're already acting on all of this, and we're happy to share more with you today. You'll hear more about this in future quarters as well. Chris will provide an update and more details on the financials in just a minute.

隨著我們新的領導團隊就位，我們正在構建一個基於精益操作系統的晴空劇本，並提供區域化的家鄉體驗。我們正在評估我們的工作計劃，重點關注對我們的客戶最有利的長期計劃。我們已經針對所有這些採取行動，今天我們很高興與您分享更多信息。在未來的幾個季度中，您也會聽到更多有關此的信息。克里斯將在一分鐘內提供有關財務狀況的更新和更多詳細信息。

First, a recap of 2020. It was a challenging year, and I am so impressed with how our PG&E team stepped up. I'd like to take a second just to thank Bill Smith for serving as our Interim CEO; and Michael Lewis for his tireless efforts, serving as Interim Utility President. My coworkers made great progress on many fronts under their leadership, and I'll quickly touch on a few.

首先，回顧一下 2020 年。這是充滿挑戰的一年，我對我們的 PG&E 團隊的進步印象深刻。我想花點時間感謝 Bill Smith 擔任我們的臨時 CEO；邁克爾·劉易斯 (Michael Lewis) 作為臨時公用事業總裁所做的不懈努力。在他們的領導下，我的同事們在許多方面都取得了長足的進步，我將很快談及其中的一些。

The team continued to make progress on wildfire risk reduction while also significantly improving the execution of our public safety power shutoff events through better coordination and support for our customers and our communities. My coworkers successfully resolved key regulatory cases. And while no one could have predicted the impact of COVID-19, the team has stood up for the challenge, delivering energy to our friends, families and neighbors.

該團隊在降低野火風險方面繼續取得進展，同時還通過更好地協調和支持我們的客戶和社區，顯著改進了我們公共安全斷電事件的執行。我的同事成功解決了關鍵的監管案件。雖然沒有人能夠預測到 COVID-19 的影響，但該團隊已經挺身而出迎接挑戰，為我們的朋友、家人和鄰居提供能量。

I spent a good portion of my first weeks listening. Listening to you, listening to our customers, policymakers, regulators, coworkers, shareholders and many, many more. What you've said is direct, and you've communicated both disappointment and encouragement. Thank you for your honest feedback.

我在第一周的大部分時間裡都在聽。傾聽您的聲音，傾聽我們的客戶、政策制定者、監管機構、同事、股東以及許多其他人的聲音。你說的很直接，表達了失望和鼓勵。感謝您的誠實反饋。

I've also spent time engaging with our federal monitor and our operational observer from the governor's office. We want what they want, a safer system. We've embraced their feedback and have continued to implement improvements to our wildfire mitigation work with an unwavering focus to reduce the risk of utility-ignited wildfires.

我還花時間與我們的聯邦監察員和州長辦公室的運營觀察員進行了接觸。我們想要他們想要的，一個更安全的系統。我們接受了他們的反饋，並繼續實施改進我們的野火緩解工作，堅定不移地專注於降低公用事業引發野火的風險。

One such example includes our evolution. From a 2020 wildfire mitigation plan that was primarily activity-based, focused on miles completed for our key wildfire safe measure such as enhanced vegetation management and system hardening, we're moving to a 2021 wildfire mitigation plan that is risk-focused, addressing the highest risk areas for mitigation on our topmost priority, informed by enhanced predictive wildfire risk models.

一個這樣的例子包括我們的進化。從主要基於活動的 2020 年野火緩解計劃開始，重點關注為我們的關鍵野火安全措施（例如加強植被管理和系統強化）完成的英里數，我們正在轉向以風險為中心的 2021 年野火緩解計劃，解決根據增強的預測性野火風險模型，我們將緩解的最高風險領域列為首要任務。

We've developed and implemented machine learning capabilities, enabling an evolution from static to dynamic risk models. These models are informed by fire ignition probability and potential wildfire consequence, considering fast burning fuels, predictive fire behavior and buildings and population density impacts. Additionally, we're leveraging state-of-the-art remote sensing capabilities to obtain an understanding of both the fuel type and condition that contribute to a fire spread in our high-risk areas.

我們開發並實施了機器學習功能，實現了從靜態風險模型到動態風險模型的演變。這些模型以火災發生概率和潛在的野火後果為依據，同時考慮了快速燃燒的燃料、預測的火災行為以及建築物和人口密度的影響。此外，我們正在利用最先進的遙感功能來了解導致高風險地區火災蔓延的燃料類型和條件。

While we continue to perform the longer-term work of enhanced vegetation management and system hardening using a risk-informed approach, our PSPS event implementation remains an important tool of last resort to keep our customers safe. We'll continue to focus on improving the PSPS program for our customers and our communities, keeping in mind that preventing electric equipment-caused wildfires and associated damage is the highest priority.

雖然我們繼續使用風險知情方法執行加強植被管理和系統強化的長期工作，但我們的 PSPS 事件實施仍然是確保客戶安全的最後手段的重要工具。我們將繼續專注於為我們的客戶和社區改進 PSPS 計劃，同時牢記防止電氣設備引起的野火和相關損害是重中之重。

For 2020, I'm happy to share that our enhanced weather forecasting, our generation islanding capabilities and sectionalizing devices, many of which were installed in 2020, led to more targeted PSPS events in 2020 versus 2019 for similar weather conditions. We identified a number of reported damages and hazards to our equipment from high wind conditions during 6 PSPS events in 2020. Any one of these instances could have potentially caused a wildfire if our system had not been proactively de-energized.

對於 2020 年，我很高興與大家分享，我們增強的天氣預報、我們的發電孤島能力和分段設備（其中許多是在 2020 年安裝的）導致 2020 年與 2019 年類似天氣條件下更有針對性的 PSPS 事件。在 2020 年的 6 次 PSPS 事件中，我們發現了一些報告的強風條件對我們的設備造成的損壞和危害。如果我們的系統沒有主動斷電，那麼這些事件中的任何一個都可能引發野火。

In addition, our weather stations, along with our high-definition cameras and satellite detection capabilities, enable us to determine when high-risk -- when high fire risk has dissipated and when we can begin safely restoring power. These factors, along with our increased aerial surveillance, helped us reduce patrol and restoration times by nearly 40% in 2020. We were also able to improve our notification accuracy for impacted customers in advance of the PSPS events, from levels below 90% in 2019 to 99.5% in 2020. This was enabled through the deployment of an innovative records and information management integration platform, where we are partnering with Palantir to quickly and seamlessly consolidate data for our electric assets and customers from separate and disparate data sets. This has been a game changer for us, and we're expanding this technology solution to serve as the core enabling technology for building our centralized data system, bringing together physical, operational, life cycle and environmental data elements to drive data-informed decisions for our wildfire mitigation programs and beyond.

此外，我們的氣象站以及我們的高清攝像機和衛星探測能力使我們能夠確定高風險的時間 - 高火災風險何時消散以及我們何時可以開始安全恢復供電。這些因素，加上我們增加的空中監視，幫助我們在 2020 年將巡邏和恢復時間減少了近 40%。我們還能夠在 PSPS 事件發生之前提高我們對受影響客戶的通知準確性，2019 年的水平低於 90%到 2020 年達到 99.5%。這是通過部署創新的記錄和信息管理集成平台實現的，我們在該平台上與 Palantir 合作，從不同的數據集中快速無縫地整合我們的電力資產和客戶的數據。這改變了我們的遊戲規則，我們正在擴展該技術解決方案，使其成為構建集中式數據系統的核心支持技術，將物理、運營、生命週期和環境數據元素結合在一起，以推動基於數據的決策我們的野火緩解計劃及其他計劃。

The substantial improvements in 2020 over 2019 in our PSPS event implementation were noticed by many, and yet, we are still dissatisfied. And we've already begun implementing improvements for our 2021 wildfire mitigation and PSPS program. In fact, during my first few weeks on the job, I had the opportunity to see the team in action during a very unusual January PSPS event. The team quickly sprang into action, enabling a cross-functional focus on an end-to-end process. I saw our emergency response playbook in action, and it was good.

2020年我們的PSPS活動實施比2019年有了實質性的改進，很多人都注意到了，但我們仍然不滿意。我們已經開始對我們的 2021 年野火緩解和 PSPS 計劃實施改進。事實上，在我上任的頭幾週，我有機會看到團隊在非常不尋常的 1 月 PSPS 活動中的表現。該團隊迅速採取行動，使跨職能部門專注於端到端流程。我看到了我們的緊急響應行動手冊，這很好。

The strong gusty winds we forecasted and our assessment of the dry fuels and potential fire spread risk in localized areas of our service territory led us to shut off power to keep our customers safe while the dangerous weather passed.

我們預測的強陣風以及我們對乾燃料和我們服務區域局部區域潛在火災蔓延風險的評估導致我們在危險天氣過去時關閉電源以確保我們客戶的安全。

Let me be clear about this point. The goal is to prevent damage and destruction from our equipment. And we'll choose to protect our customers and our communities even when that means utilizing PSPS. I was impressed that we have the technology to pinpoint our highest risk areas and target the specific sections of our systems to prevent potential wildfires that would hurt people.

讓我清楚這一點。目標是防止我們的設備受到損壞和破壞。我們選擇保護我們的客戶和我們的社區，即使這意味著要使用 PSPS。令我印象深刻的是，我們擁有的技術可以查明風險最高的區域，並針對我們系統的特定部分，以防止可能傷害到人們的潛在野火。

Now moving into 2021. We will embrace the triple bottom line mindset of serving people, our planet and California's prosperity. This mindset will find an intersection between the need to safely deliver energy and meet the clean energy aspirations of Californians. I'm optimistic that there is a bright path forward with a triple bottom line enabled by a laser-like focus on performance. Here are my initial observations and priorities to get us moving as we start 2021.

現在進入 2021 年。我們將秉承為人民、我們的星球和加州的繁榮服務的三重底線心態。這種心態將在安全輸送能源的需求與滿足加州人對清潔能源的渴望之間找到交集。我樂觀地認為，通過對性能的激光式關注，可以實現三重底線，這是一條光明的前進道路。以下是我在 2021 年開始時推動我們前進的初步觀察和優先事項。

We have a best-in-class emergency response playbook, and we're going to complement that by writing the PG&E clear sky playbook so we can predictably deliver every day, not just during and after a crisis. I'm putting together a team of senior leaders that's developing that clear sky playbook, underpinned by a lean operating system that predictively delivers on our commitments and outcomes. We're bringing the best of a functional organizational design, standards, processes and scale to deliver a regionalized hometown experience for the communities and customers we serve. And finally, our system requires substantial capital investment, and our customers deserve more disciplined cost performance. We'll adopt better processes that improve our safety, quality, delivery and cost. Our work will deliver for customers and our investors.

我們有一流的應急響應手冊，我們將通過編寫 PG&E 晴空手冊來補充它，這樣我們就可以每天按預期交付，而不僅僅是在危機期間和之後。我正在組建一個由高級領導組成的團隊，他們正在開發晴空萬里的劇本，並以精益操作系統為基礎，預測性地兌現我們的承諾和成果。我們正在引入最佳的功能性組織設計、標準、流程和規模，為我們服務的社區和客戶提供區域化的家鄉體驗。最後，我們的系統需要大量資本投資，我們的客戶理應獲得更嚴格的性價比。我們將採用更好的流程來改善我們的安全、質量、交付和成本。我們的工作將為客戶和我們的投資者帶來回報。

On my first day at PG&E, I went to Paradise in Butte County to see the devastation caused from wildfires. I met with my coworkers who live in the community whose own lives were forever impacted by the campfire. We're so grateful to those who have the strength and the courage to represent PG&E through the rebuilding effort.

在 PG&E 的第一天，我去了 Butte County 的 Paradise 看看野火造成的破壞。我遇到了住在社區的同事，他們的生活永遠受到篝火的影響。我們非常感謝那些有實力和勇氣通過重建工作代表 PG&E 的人。

When I reflect on when PG&E first developed our skills and disaster response, I go back to San Bruno. I visited the city of San Bruno a couple of weeks ago, and I met with our coworkers who serve their community there. They expressed the disappointment they felt that day and the helplessness of not being the heroes for the very first time. It was frustrating not being able to deliver as our [blue crews] strive to do, delivering an essential service safely to our customers every day. PG&E has learned to respond to the challenges of emergencies and have developed a world-class playbook for emergency response. My passion is to capture that capability and focus towards a clear sky playbook, a playbook that can deliver (inaudible) disaster prevention. The basics of the building blocks for a safe, reliable, affordable, clean and (inaudible) systems.

當我回想起 PG&E 最初發展我們的技能和災難響應的時間時，我回到了聖布魯諾。幾週前我訪問了聖布魯諾市，並會見了為當地社區服務的同事。他們表達了那天的失落和第一次沒有成為英雄的無奈。無法像我們的 [blue crews] 努力做到的那樣交付，每天安全地為我們的客戶提供基本服務，這令人沮喪。 PG&E 學會了應對突發事件的挑戰，並製定了世界一流的應急響應方案。我的熱情是捕捉這種能力並專注於一個晴空劇本，一個可以提供（聽不清）災難預防的劇本。構建安全、可靠、負擔得起、清潔和（聽不清）系統的基礎知識。

[I've seen it before]. Processes that cause delays and leave our front-line teams having to explain to customers why we can't deliver as promised. Our daily performance is sometimes a mystery to the organization. We learned about issues when the customer tenaciously escalates their frustrations and then we jump to respond. We must enable our coworkers in the field to become problem preventers and solvers, not victims of poor processes. Improving the reliability of our day-to-day work will move us away from being just an emergency response company. We need and will implement a clear sky lean operating system to effectuate this change because it works.

[我以前見過它]。導致延遲並讓我們的一線團隊不得不向客戶解釋為什麼我們不能按承諾交付的流程。我們的日常表現有時對組織來說是個謎。當客戶頑固地升級他們的挫敗感時，我們了解到問題，然後我們立即做出回應。我們必須讓我們在該領域的同事成為問題的預防者和解決者，而不是糟糕流程的受害者。提高我們日常工作的可靠性將使我們不再僅僅是一家應急響應公司。我們需要並將實施一個晴朗的天空精益操作系統來實現這一變化，因為它有效。

We're assembling the team to do just that. Adam Wright is our new Chief Operating Officer. Adam joins PG&E after serving for 18 years at Berkshire Hathaway and for the past 3 years as President and CEO of MidAmerican Energy. Adam brings a strong track record of operational performance at MidAmerican, and he'll focus on safety, standardizing practices and promoting excellent execution across the board. Adam's hands-on approach has already started to show its value. I love how he leads with his heart and his mind. We need that.

我們正在組建團隊來做到這一點。 Adam Wright 是我們的新任首席運營官。 Adam 在 Berkshire Hathaway 服務了 18 年並在過去 3 年擔任 MidAmerican Energy 總裁兼首席執行官後加入 PG&E。 Adam 在 MidAmerican 擁有良好的運營業績記錄，他將專注於安全、標準化實踐和促進全面的卓越執行。 Adam 的動手方法已經開始顯示其價值。我喜歡他用心和思想領導的方式。我們需要那個。

Marlene Santos is our new Chief Customer Officer. Marlene joins us after an impressive career at NextEra Energy, most recently serving as President of Gulf Power. Marlene led the integration effort of the acquisition of Gulf Power, and she was able to deploy a best-in-class operating system to a new organization, which delivered meaningful results for the customers of Gulf Power. We're counting on Marlene to help us do the same here at PG&E.

Marlene Santos 是我們的新首席客戶官。 Marlene 在 NextEra Energy 令人印象深刻的職業生涯後加入我們，最近擔任海灣電力公司總裁。 Marlene 領導了 Gulf Power 收購的整合工作，她能夠為新組織部署一流的操作系統，為 Gulf Power 的客戶帶來了有意義的成果。我們指望 Marlene 幫助我們在 PG&E 做同樣的事情。

Julius Cox is our Chief Human Resources Officer and leader of our Shared Services and Supply Chain, a team charged with ensuring PG&E has the people, skills, resources and tools to meet customers' expectations. Prior to joining PG&E, Julius served as Chief Human Resource Officer at AEP and Chief Transformation Officer at Dynegy.

Julius Cox 是我們的首席人力資源官兼共享服務和供應鏈負責人，該團隊負責確保 PG&E 擁有滿足客戶期望的人員、技能、資源和工具。在加入 PG&E 之前，Julius 曾擔任 AEP 的首席人力資源官和 Dynegy 的首席轉型官。

Joe Forline is our new SVP of Gas Operations. Joe joins PG&E after 35 years at PSE&G, serving most recently as Vice President of Gas Operations, and prior to that, as Vice President of Customer Solutions. We're really excited for Joe to leverage his experience to enhance our focus on both gas operations and customer service.

Joe Forline 是我們新的天然氣運營高級副總裁。 Joe 在 PSE&G 工作 35 年後加入 PG&E，最近擔任天然氣運營副總裁，在此之前擔任客戶解決方案副總裁。我們真的很高興 Joe 能夠利用他的經驗來加強我們對天然氣運營和客戶服務的關注。

This team is coming for the mission and more are on their way. They all had great jobs, and they were not looking to leave. I called them each, and they answered the call to serve. These clear eyes and fresh legs, combined with the 25,000 dedicated, resilient and smart PG&E'ers that I found here will be the necessary ingredients to turn this company into a winning team. We're focusing on meeting and exceeding the expectations of those we are privileged to serve: our friends, our families and our neighbors.

這支隊伍是為使命而來的，更多的人正在路上。他們都有很好的工作，而且他們不想離開。我給他們每個人都打了電話，他們響應了服務的號召。這些清晰的眼睛和新鮮的腿，再加上我在這裡找到的 25,000 名敬業、有彈性和聰明的 PG&E 員工，將是將這家公司變成一支成功團隊的必要因素。我們專注於滿足並超越我們有幸服務的那些人的期望：我們的朋友、家人和鄰居。

The new team will establish a regionalized daily heartbeat that puts decision-making where it belongs, closest to our customers and communities. I've visited crews in many areas across our service area, and the themes are clear. We're showing up in our hometowns like a big company with a big company bureaucracy. And that needs to change. There are advantages to the scale of a big company and we'll leverage them through the best of functional expertise, high-quality standards, and that will be delivered by our regional cross-functional teams.

新團隊將建立一個區域化的日常心跳，將決策制定歸於其所屬的地方，最接近我們的客戶和社區。我在我們服務區的許多地方拜訪過工作人員，主題很明確。我們出現在我們的家鄉，就像一個擁有大公司官僚機構的大公司。這需要改變。大公司的規模有優勢，我們將通過最好的職能專業知識、高質量標準來利用它們，而這將由我們的區域跨職能團隊提供。

Our customers don't need to feel that big company mindset. They need to feel like their hometown is the only one that matters. Our hometown team can deliver for them by being empowered to solve the problems they see with the cross-functional team on which they work. Our clear sky lean playbook will be essential in transforming our culture, our processes and our outcomes. Now you might ask Patti, that all sounds great. But how will that deliver financial results?

我們的客戶不需要感受到那種大公司的心態。他們需要覺得自己的家鄉是唯一重要的。我們的家鄉團隊可以通過授權解決他們與他們工作的跨職能團隊一起看到的問題來為他們提供服務。我們晴空萬里的行動手冊對於轉變我們的文化、我們的流程和我們的成果至關重要。現在你可能會問帕蒂，這一切聽起來都很棒。但這將如何帶來財務結果？

Well, this brings me to my final observation. We can accelerate the path to better financial health at PG&E by fixing the operational results we deliver. Our regulators, our legislators, our customers, my coworkers, and yes, you, our investors, can believe in PG&E again. Everyone can believe when we deliver, when we keep our promises, when we do what we say we will do. There's a playbook for a great utility, and we'll be writing ours here at PG&E. More to come.

好吧，這讓我想到了最後的觀察。通過修復我們提供的運營結果，我們可以加快 PG&E 改善財務狀況的道路。我們的監管機構、我們的立法者、我們的客戶、我的同事，是的，您，我們的投資者，可以再次相信 PG&E。當我們兌現承諾、信守諾言、言出必行時，每個人都會相信。有一個實用的劇本，我們將在 PG&E 編寫我們的劇本。還有更多。

With that, I'll turn it over to Chris.

有了這個，我會把它交給克里斯。

Thank you, Patti, and good morning, everyone. As Patti mentioned earlier, we made substantial progress against the goals we set forth in 2020, including on the financial and regulatory front. I'll hit a few highlights, then go into more detail.

謝謝你，帕蒂，大家早上好。正如帕蒂之前提到的，我們在實現 2020 年設定的目標方面取得了實質性進展，包括在金融和監管方面。我先挑幾個要點，然後再詳細介紹。

We met our EPS guidance, landing at $1.61 for the year. We reduced our equity needs to a range of $0 to $400 million, reducing our prior range of $450 million to $750 million as a result of our successful noncore asset sale. We also made progress on our longer-term savings goal, including achieving over $300 million in savings from a combination of contracted work savings and for monetizing excess renewable energy credits in 2020. And we closed out critical regulatory cases that provide multiyear financial clarity.

我們達到了我們的 EPS 指導，全年達到 1.61 美元。由於我們成功出售了非核心資產，我們將股權需求減少到 0 到 4 億美元，將之前的 4.5 億美元到 7.5 億美元的範圍減少。我們在長期節約目標方面也取得了進展，包括在 2020 年通過合同工作節約和將多餘的可再生能源信用額度貨幣化實現了超過 3 億美元的節約。我們結束了提供多年財務清晰度的關鍵監管案例。

I plan to cover our 2020 results and regulatory updates first, then focus on 2021 and beyond. I'll walk through near-term targets and favorable updates to our 2021 financing needs as well as our longer-term financial plan. There, we see improvements on our prior projection, getting us to a 10% earnings per share growth CAGR. As I mentioned, we met our earnings guidance for 2020 and are maintaining the 2021 range we set out of $0.95 to $1.05. Let's start with 2020.

我計劃首先介紹我們 2020 年的業績和監管更新，然後重點介紹 2021 年及以後的情況。我將介紹近期目標和對我們 2021 年融資需求的有利更新以及我們的長期財務計劃。在那裡，我們看到我們之前的預測有所改善，使我們的每股收益複合年增長率達到 10%。正如我所提到的，我們達到了 2020 年的盈利預期，並維持我們設定的 2021 年 0.95 美元至 1.05 美元的範圍。讓我們從 2020 年開始吧。

Slide 9 shows our results for both the fourth quarter and the year. Non-GAAP core earnings per share for the year came in at $2 billion. GAAP earnings including noncore items are also shown here. The noncore items listed here are also consistent with the full year 2020 guidance range and includes a $60 million net charge in the fourth quarter for (inaudible) related wildfire costs after applying insurance receivables.

幻燈片 9 顯示了我們第四季度和全年的結果。全年非 GAAP 核心每股收益為 20 億美元。此處還顯示了包括非核心項目在內的 GAAP 收益。此處列出的非核心項目也與 2020 年全年指導範圍一致，包括第四季度在應用保險應收賬款後與（聽不清）相關的野火成本的 6000 萬美元淨費用。

Moving to Slide 10. This shows the quarter-over-quarter comparison for non-GAAP core earnings of $441 million or $0.21 in the fourth quarter of last year. The largest driver of the quarter-over-quarter change was an increase in shares outstanding from our July 1 equity raise. Additionally, we saw a decrease with EPS resulting from unrecoverable interest expense, the timing of nuclear refueling outages, inspection costs and some small miscellaneous items. The decreases were partially offset by growth in rate base earnings and the impact of a charge recorded in the fourth quarter of 2019 related to interest on pre-petition payables and short-term debt and the timing of the 2020 general rate case cost recovery.

轉到幻燈片 10。這顯示了去年第四季度非 GAAP 核心收益為 4.41 億美元或 0.21 美元的季度環比比較。環比變化的最大驅動因素是我們 7 月 1 日的股權融資增加了流通股。此外，我們看到由於不可收回的利息支出、核燃料補給中斷的時間、檢查成本和一些小的雜項導致每股收益下降。下降部分被利率基礎收入的增長和 2019 年第四季度記錄的與申請前應付款項和短期債務利息相關的費用的影響以及 2020 年一般利率案例成本回收的時間所抵消。

I will now shift to covering a few significant updates on the regulatory front, specific to 2020, with the progress we saw helped cement our multi-year earnings per share growth visibility. I'll start with FERC.

我現在將轉而介紹監管方面的一些重要更新，具體到 2020 年，我們看到的進展有助於鞏固我們多年的每股收益增長可見度。我將從 FERC 開始。

In December, FERC approved our transmission owner 2020 settlement, establishing formula rate, an all-in return on equity of 10.45% and a capital structure that is 49.75% equity through 2023. FERC also completed a review of our AFUDC waiver filing, allowing us to apply the 49.75% equity ratio on AFUDC back to May of 2019. At the CPUC, there are a number of proceedings in flight, including our wildfire mitigation plan filing that Patti covered.

12 月，FERC 批准了我們的輸電所有者 2020 年結算，確定了公式利率、10.45% 的總股本回報率和到 2023 年 49.75% 股權的資本結構。FERC 還完成了對我們 AFUDC 豁免備案的審查，允許我們將 AFUDC 49.75% 的股權比率應用到 2019 年 5 月。在 CPUC，有許多程序正在進行中，包括 Patti 涵蓋的我們的野火緩解計劃備案。

I'll focus now on 4 additional key filings. Our 2020 general rate case, 2 securitization cases and our upcoming 2023 general rate case filing. As a reminder, our 2020 GRC received a final decision in December. The revenue requirement approved in our 2020 GRC mirrors the amount from our initial settlement agreement. Importantly, the final decision authorizes 2-way balancing accounts for vegetation management, wildfire mitigation and liability insurance premium costs. We will implement new rates as authorized in the final decision starting next month.

我現在將重點關注 4 個額外的關鍵文件。我們的 2020 年一般利率案件、2 個證券化案件和我們即將提交的 2023 年一般利率案件備案。提醒一下，我們的 2020 GRC 在 12 月收到了最終決定。我們 2020 GRC 中批准的收入要求反映了我們初始結算協議中的金額。重要的是，最終決定授權植被管理、野火緩解和責任保險費成本的雙向平衡賬戶。我們將從下個月開始實施最終決定中授權的新費率。

In the rate-neutral securitization proceeding, we filed an alternative in mid-January that recognized concerns raised during the proceeding. This alternative is consistent with our goals of ensuring we can accelerate payments to the Fire Victim Trust, meeting our commitment to pursuing a transaction structure that is expected to be rate-neutral and maintaining off-credit treatment. So that this cost-efficient transaction can be effectuated with maximum benefit to the utility and its customers.

在利率中性證券化程序中，我們在 1 月中旬提交了替代方案，承認程序中提出的擔憂。這種替代方案符合我們的目標，即確保我們能夠加快向火災受害者信託基金的付款，履行我們對尋求利率中性的交易結構並維持信貸外待遇的承諾。這樣才能實現這種具有成本效益的交易，為公用事業及其客戶帶來最大利益。

In our alternative filing, instead of contributing $1.8 billion in 2021 to the customer credit trust, we proposed to contribute $1 billion in 2021 and $1 billion in 2024. Additionally, we propose that the CPUC could conduct proceeding in 2040 to determine whether an additional shareholder-funded contribution is needed to keep the structure rate-neutral. Any additional contribution will be capped at $775 million. We are confident based on our modeling that the risk of this additional onetime payment 20 years from now has a low probability of occurring. The proceeding is currently scheduled for a proposed decision in April and a commission decision in May.

在我們的備選文件中，我們提議在 2021 年和 2024 年分別出資 10 億美元和 10 億美元，而不是在 2021 年向客戶信用信託出資 18 億美元。此外，我們建議 CPUC 可以在 2040 年進行訴訟，以確定是否有額外的股東- 需要提供資金來保持結構利率中性。任何額外捐款的上限為 7.75 億美元。根據我們的模型，我們有信心在 20 年後發生這種額外的一次性付款的風險發生的可能性很低。該程序目前計劃在 4 月做出擬議決定，並在 5 月做出委員會決定。

Yesterday, we also filed our first AB 1054-related securitization request at the CPUC. This is the first tranche of what is likely to be 3, and totals roughly $1.2 billion. This reflects the work we've completed thus far and have forecasted expenditures for 2021 relative to the total $3.2 billion of qualified spend. We expect to receive a decision on the financing application in late June, and that could bring us to market as early as Q3.

昨天，我們還向 CPUC 提交了第一個與 AB 1054 相關的證券化請求。這是可能是 3 筆的第一筆，總額約為 12 億美元。這反映了我們迄今已完成的工作，並預測了 2021 年相對於 32 億美元合格支出總額的支出。我們預計將在 6 月下旬收到融資申請的決定，這可能會讓我們最早在第三季度上市。

Finally, we are scheduled to file our 2023 general rate case by the end of June. This case will be different from previous general rate cases for 2 reasons. First, we will incorporate not just electric distribution, but also gas transmission and storage, which was previously a separate case. Second, this case will cover 4 years, 2023 through 2026, rather than 3 years, providing certainty over a longer horizon. Our substantial investments to reduce risk of wildfires and enhanced public safety will continue to be highlighted in this case.

最後，我們計劃在 6 月底之前提交 2023 年的一般費率案例。由於兩個原因，這種情況將不同於以前的一般費率情況。首先，我們不僅要整合配電，還要整合輸氣和儲氣，這在以前是一個單獨的案例。其次，這個案例將涵蓋 4 年，即 2023 年到 2026 年，而不是 3 年，從而提供了更長期的確定性。在這種情況下，我們將繼續強調我們為降低野火風險和加強公共安全而進行的大量投資。

Moving forward to 2021 guidance on Slide 11. We have adjusted non-GAAP core earnings to $2.1 billion to $2.25 billion from $2.1 billion to $2.3 billion for the year, and maintain our prior EPS guidance of approximately $0.95 to $1.05 per share. This non-GAAP core earnings target is $300 million to $425 million below our authorized levels with a range mostly comprised of interest expense of $300 million to $325 million. We anticipate net below the line and spend above authorized will be substantially lower than 2020 as we carry out additional efficiency measures in 2021, bringing a range of $0 to $100 million there. Also noted here is the assumption underlying 2021 guidance that we received authorization in the second quarter for our securitization request, which is designed to be rate-neutral to customers, as originally filed.

轉到幻燈片 11 上的 2021 年指引。我們已將全年的非 GAAP 核心收益從 21 億美元調整至 22.5 億美元，並維持我們之前每股收益約 0.95 至 1.05 美元的指引。這一非 GAAP 核心收益目標比我們的授權水平低 3 億至 4.25 億美元，其中主要包括 3 億至 3.25 億美元的利息支出。我們預計，由於我們在 2021 年採取了額外的效率措施，因此淨低於線下和高於授權的支出將大大低於 2020 年，從而使支出範圍在 0 到 1 億美元之間。此處還要注意的是 2021 年指導方針的基礎假設，即我們在第二季度獲得了證券化請求的授權，該請求旨在對客戶保持利率中性，如最初提交的那樣。

Moving to noncore earnings guidance, which is broken out in the same slide, we've made a couple of adjustments to these items. Our range for bankruptcy and legal costs guidance increased to a range of $1.4 billion to $1.5 billion. This reflects 2 items. First, based on current discussions with the Fire Victims Trust and input from the IRS, we expect to elect grantor trust treatment for the shares issued to the Fire Victim Trust. Grantor trust treatment would result in a deduction equal to the fair value of the shares held by the Fire Victim Trust when ultimately sold by the trust instead of when the shares were placed into the trust. Accordingly, there would be a $1.3 billion charge when the grantor trust election is made, reflecting the elimination of the existing deferred tax asset and then income recognized over time as the Fire Victim Trust sells their shares in future periods. Similarly, we would anticipate gains in future periods as shares are sold by the trust. Given we have until April to complete this review, should we elect the grantor trust treatment, it would result in a charge in that scenario in Q1.

轉向在同一張幻燈片中分解的非核心收益指導，我們對這些項目進行了一些調整。我們的破產和法律費用指導範圍增加到 14 億美元至 15 億美元。這反映了 2 個項目。首先，根據目前與 Fire Victims Trust 的討論以及 IRS 的意見，我們預計將對發行給 Fire Victim Trust 的股份選擇設保人信託待遇。設保人信託處理將導致扣除等於火災受害者信託持有的股份在信託最終出售時而不是在股份被放入信託時的公允價值。因此，在授予人信託選擇時將產生 13 億美元的費用，這反映了現有遞延稅資產的抵銷以及隨著火災受害者信託在未來期間出售其股份而隨著時間的推移確認的收入。同樣，隨著信託出售股票，我們預計未來期間會出現收益。鑑於我們必須在 4 月之前完成此審查，如果我們選擇設保人信託處理，將導致在第一季度的這種情況下收費。

The second element of bankruptcy and legal cost to note is exit financing costs reflecting temporary utility debt, an increase from $60 million pretax to a range of $95 million to $135 million. This reflects our updated assumption of rate-neutral securitization starting in the second quarter and assumes 2 tranches. We also anticipate a range of $10 million to $20 million in legal and other costs related to the 2019 Kincade Fire that are recorded in the period incurred and separate from the claims accrual. Additionally, for investigation remedies, we have lowered our forecast to roughly $110 million. This $30 million decrease is permanent, and we will apply it towards the wildfire OII spend requirement.

破產和法律成本的第二個要素是反映臨時公用事業債務的退出融資成本，從稅前 6000 萬美元增加到 9500 萬至 1.35 億美元。這反映了我們對從第二季度開始的利率中性證券化的最新假設，並假設分兩期進行。我們還預計，與 2019 年 Kincade 火災相關的法律和其他費用將在 1000 萬至 2000 萬美元之間，這些費用記錄在發生期間，與應計索賠分開。此外，對於調查補救措施，我們已將預測下調至約 1.1 億美元。這 3000 萬美元的減少是永久性的，我們將把它用於野火 OII 支出要求。

Our full year guidance for the net securitization inception charge, amortization of the wildfire fund contribution and prior period net regulatory recoveries remain unchanged.

我們對淨證券化啟動費用、野火基金捐款攤銷和前期淨監管回收的全年指導保持不變。

Next, I'll cover our updated 2021 equity needs. As you can see on Slide 11, we've updated the range to reflect equity needs of $0 to $400 million for the year. This substantial reduction reflects the cash impact in 2021 of our noncore license transaction that was announced earlier this month. I'm also pleased to share that we closed the transaction as well and have received the vast majority of the initial proceeds. This lower equity range benefits our shareholders, including the Fire Victim Trust in reducing dilution.

接下來，我將介紹我們更新的 2021 年股權需求。正如您在幻燈片 11 中看到的那樣，我們更新了範圍以反映當年 0 到 4 億美元的股權需求。這一大幅減少反映了我們本月早些時候宣布的非核心許可交易在 2021 年的現金影響。我也很高興與大家分享，我們也完成了交易，並收到了大部分初始收益。這個較低的股權範圍有利於我們的股東，包括 Fire Victim Trust 減少稀釋。

As Patti touched on, we have updated our 5-year plan as well with projections from 2021 through 2025 that you can see on Slides 12 through 14. Here, we are showing incremental positive update. Our non-GAAP core earnings growth is driven by 8.5% rate base growth. This is underpinned by focusing on the key investments that reduce risk and improve service to our customers, primarily in our wildfire mitigation and gas system needs. We also continue to be focused on holding company debt reduction to improve our balance sheet off over time. We anticipate paying down over $2 billion over the next 3 years and further reducing the holding company debt balance down to approximately $1 billion in 2025.

正如 Patti 提到的那樣，我們已經更新了我們的 5 年計劃以及 2021 年到 2025 年的預測，您可以在幻燈片 12 到 14 上看到。在這裡，我們展示了漸進的積極更新。我們的非 GAAP 核心收益增長是由 8.5% 的基本增長率推動的。這是通過專注於降低風險和改善客戶服務的關鍵投資來支持的，主要是在我們的野火緩解和天然氣系統需求方面。我們還繼續專注於減少控股公司的債務，以隨著時間的推移改善我們的資產負債表。我們預計在未來 3 年內支付超過 20 億美元，並在 2025 年將控股公司的債務餘額進一步減少至約 10 億美元。

Together, these factors fuel our non-GAAP core earnings growth of over 10%, and we are guiding to 10% non-GAAP core EPS growth. This includes an assumption from equity needs following 2021, which stem from increases in our capital spend and would follow our capital structure. We plan to provide more specifics on equity needs for each year when we issue our annual 4-year guidance. As a team, we are determined to execute well on both the operational and financial plans we set out that benefit all elements of the triple bottom line and drive prosperity for our state and investors.

這些因素共同推動我們的非 GAAP 核心收益增長超過 10%，我們正在引導 10% 的非 GAAP 核心每股收益增長。這包括對 2021 年之後股權需求的假設，該假設源於我們資本支出的增加，並將遵循我們的資本結構。我們計劃在發布年度 4 年指南時提供更多關於每年股權需求的細節。作為一個團隊，我們決心很好地執行我們制定的運營和財務計劃，這些計劃有利於三重底線的所有要素，並為我們的州和投資者帶來繁榮。

With that, I'll turn it back over to Patti.

有了這個，我會把它轉回給帕蒂。

Thank you, Chris. The path to reestablish PG&E is simple, the implementation is our challenge. We'll meet the challenge and here's how. We have a best-in-class emergency response playbook, and we'll build on it by writing the PG&E clear sky playbook. I'm putting together a team of senior leaders that are writing and implementing that lean playbook that can predictably deliver our commitments and our outcomes. We're building the best of centralized functions, standards, processes and scale, and we'll deliver a regionalized hometown experience for the communities and customers we serve.

謝謝你，克里斯。重建 PG&E 的道路很簡單，實施是我們的挑戰。我們將迎接挑戰，方法如下。我們有一流的應急響應手冊，我們將在此基礎上編寫 PG&E 晴空手冊。我正在組建一個由高級領導組成的團隊，他們正在編寫和實施精益劇本，可以按預期交付我們的承諾和成果。我們正在構建最好的集中功能、標準、流程和規模，我們將為我們服務的社區和客戶提供區域化的家鄉體驗。

And finally, our system requires substantial capital investment, and our customers deserve more disciplined cost performance. We'll adopt better processes that improve our safety, quality, delivery and costs. As a result, our work will deliver for our customers and for our investors.

最後，我們的系統需要大量資本投資，我們的客戶理應獲得更嚴格的性價比。我們將採用更好的流程來改善我們的安全、質量、交付和成本。因此，我們的工作將為我們的客戶和投資者帶來回報。

These initial priorities are the steps on the path to a new era at PG&E, focused on people, planet and prosperity with laser-like focus on performance. Operator, please open the line for questions.

這些最初的優先事項是 PG&E 通往新時代的道路上的步驟，專注於人類、地球和繁榮，並以激光般的方式關注績效。接線員，請打開問題線路。

(Operator Instructions) Richard Ciciarelli with Bank of America.

（操作員說明）美國銀行的 Richard Ciciarelli。

It's Julien here. I should have my congratulations to you, Patti, as well as a portion of the management team here. It's a pleasure. Congrats all.

我是朱利安。帕蒂，我應該向你以及這裡的管理團隊的一部分錶示祝賀。我的榮幸。恭喜大家。

But with this, can we speak a little bit more about the equity and ability to reduce down that further? So a couple of different questions within this. Securitization, can you speak to what's reflected in your updated expectations here?

但是有了這個，我們可以多談談進一步減少的公平性和能力嗎？所以這裡面有幾個不同的問題。證券化，你能談談你更新後的期望反映了什麼嗎？

And then secondly, just want to be very explicit about the asset sale here in that contributing to your narrowed range here as well, if you don't mind.

其次，如果你不介意的話，我只想非常明確地說明這裡的資產出售，這也有助於你縮小範圍。

Sure, Julien. It's Chris. Happy to take that one. I think there's really 2 factors to think about. First, let's start with the underlying assumption. Embedded within the $0 to $400 million guidance is the as filed original case that we put forward at the CPUC. Should the alternative we filed be approved, it could further reduce that equity need, which would take us down potentially to that low end of the range, again, $0 to $400 million. That's because we have spaced out the 2 contributions, $1 billion in 2021 and $1 billion in 2024.

當然，朱利安。是克里斯。很高興接受那個。我認為確實有兩個因素需要考慮。首先，讓我們從基本假設開始。在 0 到 4 億美元的指導中嵌入了我們在 CPUC 提出的原始案例。如果我們提交的備選方案獲得批准，它可能會進一步減少股權需求，這可能會使我們再次降至該範圍的低端，即 0 至 4 億美元。那是因為我們已經將這兩項捐款分開，2021 年為 10 億美元，2024 年為 10 億美元。

As it relates to the towers transaction, that definitely helped us to bring down the original high end of $700 million -- excuse me, $750 million to where we are today at $400 million. We consistently articulated, as you know, upon completion of that transaction, we would be focused on reducing our financing needs overall and it's certainly heavily contributed to our equity needs reduction.

由於它與塔交易有關，這無疑幫助我們降低了最初的 7 億美元的高端——對不起，7.5 億美元到我們今天的 4 億美元。如您所知，我們一直明確表示，在該交易完成後，我們將專注於減少我們的整體融資需求，這無疑對我們減少股權需求做出了重大貢獻。

Got it. Excellent. And then secondly, Patti, if I can put it back to you here. Obviously, short time here thus far. But the safety certification process, this business is going to be an annual conversation here. But when we think about this going forward and just getting these on a timely basis, how do you think about improving that process to just give folks and all stakeholders visibility on that, if you don't mind?

知道了。出色的。其次，帕蒂，如果我可以在這裡把它還給你的話。顯然，到目前為止，這裡的時間很短。但是安全認證過程，這項業務將成為這裡的年度對話。但是，當我們考慮向前推進並及時獲得這些信息時，如果您不介意的話，您如何考慮改進該流程以僅讓人們和所有利益相關者了解這一點？

Yes. This is actually an area, Julien, that I'm pretty excited about. And I feel good about our ability to build a transparent system so anybody and anyone who wants to can be aware of the status of our wildfire mitigation plans. It's a perfect application of our clear sky playbook as to prepare and prevent disaster. And so we're actually leveraging our lean playbook.

是的。朱利安，這實際上是一個讓我非常興奮的領域。我對我們建立透明系統的能力感到滿意，這樣任何人和任何想要了解我們野火緩解計劃的狀態的人。這是我們晴空行動手冊在準備和預防災難方面的完美應用。所以我們實際上是在利用我們的精益劇本。

We've got 4 basic plays, and we're going to apply them to our wildfire mitigation plan. We're actually in the process. We've already initiated building out a control center at our San Ramon facility, where we'll be able to observe the progress, monitor, problem-solve, establish standards, continuously improve. I am finding we've got some incredibly talented people here. They just need a process. We need a system to make visible our commitments, and that enables us to make and meet our commitments. And so the work that we're going to do, I think, will give the commission the visibility that they need. We welcome their partnership. We welcome their oversight. The policymakers have a lot at stake with our success, and they've shared that with me. And so our job is to make it easy for them to regulate us, easy for them to monitor us. Because I can tell you this, no one is going to be looking closer at us than us. And so we're going to be watching our performance, and we're going to be utilizing our clear sky playbook to do just that. And that should make those filings and that process much more streamlined, Julien.

我們有 4 個基本策略，我們將把它們應用到我們的野火緩解計劃中。我們實際上在這個過程中。我們已經開始在我們的聖拉蒙工廠建立一個控制中心，在那裡我們將能夠觀察進展、監控、解決問題、建立標準、持續改進。我發現我們這裡有一些非常有才華的人。他們只需要一個過程。我們需要一個系統來使我們的承諾可見，並使我們能夠做出並履行我們的承諾。因此，我認為，我們將要做的工作將為委員會提供他們需要的知名度。我們歡迎他們的合作。我們歡迎他們的監督。政策制定者與我們的成功息息相關，他們已經與我分享了這一點。所以我們的工作是讓他們更容易監管我們，讓他們更容易監控我們。因為我可以告訴你這一點，沒有人會比我們更仔細地觀察我們。所以我們將觀察我們的表現，我們將利用我們的晴空劇本來做到這一點。朱利安，這應該會使這些文件和流程更加精簡。

Steve Fleishman with Wolfe Research.

沃爾夫研究公司的史蒂夫弗萊什曼。

Patti, congrats. So I guess, one question. So it sounds like in the past, the long-term growth rate was the net income growth and now it's EPS growth. So to the degree that you do need future equity in the plan because your investment is higher, that's -- I assume that's embedded in the growth rate.

帕蒂，恭喜。所以我想，一個問題。所以聽起來在過去，長期增長率是淨收入增長，現在是每股收益增長。因此，在某種程度上你確實需要計劃中的未來股權，因為你的投資更高，那就是——我認為這是嵌入在增長率中的。

Yes. That, of course, is embedded, and that's what made us feel pretty confident about our forward look on EPS and shifting to that EPS-oriented long-term growth target. But Chris, why don't you add a couple of points on that?

是的。當然，這是嵌入式的，這讓我們對我們對 EPS 的前瞻性和轉向以 EPS 為導向的長期增長目標充滿信心。但是克里斯，你為什麼不補充幾點呢？

Sure thing, Patti. That's right. Steve, as you think about the growth that's embedded in our rate base update, there's over $2 billion in additional investment there. And so what we've put forward is an EPS growth rate that absolutely includes future equity needs through that time period.

當然可以，帕蒂。這是正確的。史蒂夫，當你想到我們利率基礎更新中嵌入的增長時，那裡有超過 20 億美元的額外投資。因此，我們提出的是 EPS 增長率，它絕對包括該時期的未來股權需求。

Okay. Great. And then secondly, just on the -- back last year, when there was the uncertainty over the wildfire safety certificate, there was also some mentioned by the commission of the kind of enhanced oversight process. Is there any update on that? And that obviously hasn't happened, so should we view that as a good sign? Or is that still kind of a potential event to watch?

好的。偉大的。其次，就在去年，當野火安全證書存在不確定性時，委員會也提到了加強監督程序的一些內容。有什麼更新嗎？而這顯然沒有發生，所以我們應該將其視為一個好兆頭嗎？或者這仍然是一個值得關注的潛在事件？

Yes. Steve, we have not had official notification or closeout of the letter that was sent at the end of last year on enhanced enforcement. So honestly, Steve, I don't think we'd be surprised if that action happened. The first step is just a corrective action plan. And frankly, that's what we're building out. We've been working very closely with the wildfire staff at the commission to make sure that our plans meet expectations, but it's certainly within the realm of possibility that the commission might take that step. And frankly, we welcome it.

是的。史蒂夫，我們還沒有收到去年年底發出的關於加強執法的信函的正式通知或收尾。老實說，史蒂夫，如果發生這種情況，我認為我們不會感到驚訝。第一步只是一個糾正行動計劃。坦率地說，這就是我們正在建設的。我們一直在與委員會的野火工作人員密切合作，以確保我們的計劃符合預期，但委員會可能會採取這一步驟，這當然在可能性範圍內。坦率地說，我們對此表示歡迎。

I don't see that as a bad thing, Steve. It all comes down to this. Look, we've got to do what we said we're going to do. Our plan for 2021 wildfire mitigation is good. It is enhanced over 2020. 2020 was better than 2019. We're using more technology. We're doing more fire prevention with our enhanced vegetation management, with our better visibility. We're using technology tools that are honestly impressive. I'm impressed by them. And we're reducing the impact of PSPS events.

我不認為這是一件壞事，史蒂夫。這一切都歸結為這一點。看，我們必須按照我們說的去做。我們的 2021 年野火緩解計劃很好。它在 2020 年得到了增強。2020 年比 2019 年好。我們正在使用更多技術。我們正在通過加強植被管理和更好的能見度來加強防火工作。我們使用的技術工具確實令人印象深刻。我對他們印象深刻。我們正在減少 PSPS 事件的影響。

So all of that being said, we have confidence in our plan. We welcome additional oversight. I wouldn't be concerned if additional oversight in the enhanced enforcement was initiated because the commission has a job to do, and we welcome the visibility. And as I said, building out our lean operating system to really drive home the performance of that wildfire mitigation plan, and it will provide all the visibility and transparency that's required.

因此，綜上所述，我們對我們的計劃充滿信心。我們歡迎額外的監督。如果對加強執法進行額外監督，我不會擔心，因為委員會有工作要做，我們歡迎可見性。正如我所說，構建我們的精益操作系統以真正推動野火緩解計劃的績效，它將提供所需的所有可見性和透明度。

Ryan Levine with Citi.

瑞安萊文與花旗。

One for Patti. Is this new clear sky playbook fully written at this point? Or is it more in the initial drafting stages? Is there a time line that you expect this playbook to be fully written?

一個給帕蒂。這本新的晴空劇本此時是否已經完整編寫？還是更處於起草階段？是否有您希望完整編寫此劇本的時間表？

That's a great question. One of the things that excites me is this team I'm building. In addition to the very impressive talent I'm finding here at PG&E, we're going to have the best of the best influencing this playbook. So certainly, people know that I have a lean orientation and lots of experience, so I have a point of view on this matter. But we're hiring some really talented people.

這是一個很好的問題。讓我興奮的事情之一是我正在建立的這個團隊。除了我在 PG&E 發現的令人印象深刻的人才之外，我們還將擁有影響這本劇本的精英中的精英。所以當然，人們知道我有精益傾向和豐富的經驗，所以我對這個問題有自己的看法。但我們正在招聘一些真正有才華的人。

Marlene Santos is going to bring a playbook. And so we're -- trust me, we're going to lean into that NextEra playbook of Marlene's. Berkshire Hathaway has a playbook, and Adam brings that with him. And so we will be looking for the best-of-the-best lean operating system that matches the PG&E needs and addresses what we need to address here most. But I will say the basic plays of our lean operating system will include visual management, operating reviews, problem-solving and standards. It's clear to me in my already in just the 2 months I've been here that those plays are essential to us being able to keep our promises and do what we say we're going to do. And so the kind of the framework of the playbook is written, but we'll have the best of the best certainly adding to that playbook and making sure that it reflects the specific needs of the PG&E team.

Marlene Santos 將帶來一本劇本。所以我們——相信我，我們將依靠 Marlene 的 NextEra 劇本。 Berkshire Hathaway 有一本劇本，Adam 將其隨身攜帶。因此，我們將尋找能夠滿足 PG&E 需求並解決我們最需要解決的問題的最佳精益操作系統。但我要說的是，我們精益操作系統的基本作用將包括可視化管理、運營審查、問題解決和標準。在我來到這裡的短短 2 個月裡，我已經很清楚，這些比賽對於我們能夠信守諾言並按照我們所說的去做是必不可少的。因此，編寫了劇本的框架類型，但我們肯定會把最好的中的最好的添加到劇本中，並確保它反映 PG&E 團隊的具體需求。

So in terms of time -- on your question on timing, we expect to have the fundamentals of the playbook written by midyear. But we'll be always continually updating and improving our playbook. But that's the spirit of a lean operating system, we're never going to be satisfied, right? We could have best ever performance and still be dissatisfied. And so that playbook will ever be an evolution. So I wouldn't suggest that there's a finish line to it, but we will be getting better every day.

所以就時間而言——關於你關於時間的問題，我們希望在年中之前編寫劇本的基礎知識。但我們將始終不斷更新和改進我們的劇本。但這就是精益操作系統的精神，我們永遠不會滿足，對吧？我們可以擁有有史以來最好的表現，但仍然不滿意。因此，該劇本將永遠是一個演變。所以我不建議有終點線，但我們每天都會變得更好。

And then in terms of the wildfire mitigation plan that came out earlier this month, was there any changes to -- that you wanted to call out in terms of your forecast time horizon for any more meaningful opportunities around that effort that you could envision to evolve in the coming years?

然後就本月早些時候出台的野火緩解計劃而言，是否有任何變化——你想就你的預測時間範圍提出任何更有意義的機會，圍繞你可以設想發展的努力在未來幾年？

Well, I'll hone in on the work, and I'll let Chris weigh in, in just a second on the financial implications. But the work itself, the big change for 2021 over 2020 is the risk orientation of the plan. 2020, we've got a lot of work done. We did a lot of vegetation management and system hardening. But it was more based on volume of work. And what we're transitioning in 2021 to, which I think will really meet the needs of both the system, and certainly, a lot of the observers that we have is that we're transitioning to a risk-prioritized system. And so it's really important that we prioritize the work that we're doing to maximize the amount of risk we reduce every single year. And so we're targeting the 20% of -- a 20% reduction of the highest risk areas of the system. And so we're going to be focused on that as well as additional technology additions, additional weather stations, additional cameras. Our weather meteorology system is really very advanced, and we're going to continue to advance it. And so more to come on the work, and that's a big change for 2021. But in terms of the financials, I'll turn it over to Chris.

好吧，我會專注於這項工作，我會讓 Chris 權衡一會兒對財務的影響。但工作本身，2021年比2020年的大變化是計劃的風險導向。 2020年，我們完成了很多工作。我們做了很多植被管理和系統強化。但這更多是基於工作量。而我們在 2021 年過渡到的目標，我認為這將真正滿足系統的需求，當然，我們擁有的許多觀察員認為我們正在過渡到風險優先的系統。因此，我們必須優先考慮我們正在做的工作，以最大限度地減少我們每年減少的風險。因此，我們的目標是 20% - 將系統的最高風險區域減少 20%。因此，我們將專注於此以及額外的技術添加、額外的氣象站、額外的相機。我們的天氣氣象系統真的非常先進，我們將繼續推進它。還有更多工作要做，這是 2021 年的一個重大變化。但就財務而言，我會把它交給克里斯。

Sure. Thanks, Patti. Ryan, the way I would think about this is we've got the 3-year wildfire mitigation plan fully embedded in our 5-year forecast from the financial side. What we're able to do though as we improve the plan and see the work plan longevity here, what we're able to do is work with our colleagues to reduce costs and be more efficient along the way. I mentioned this a little bit earlier, but we have been able through improved contracting, already been able to take out a few hundred million dollars out of the business. And so as we improve the ability to take out the riskiest miles every year that Patti is referencing, the work plan will be tighter year-over-year as well. But at this stage, ultimately, all 3 years of what was filed here back in February is currently reflected in the 5-year plan.

當然。謝謝，帕蒂。瑞安，我的想法是，我們已經將 3 年的野火緩解計劃完全嵌入到我們 5 年的財務預測中。我們可以做的是，隨著我們改進計劃並在這裡看到工作計劃的壽命，我們能夠做的是與我們的同事一起降低成本並在此過程中提高效率。我之前提到過這一點，但我們已經能夠通過改進合同，已經能夠從業務中拿出幾億美元。因此，隨著我們提高每年完成 Patti 提到的最危險里程的能力，工作計劃也將逐年收緊。但在這個階段，2 月份在這裡提交的所有 3 年最終都反映在 5 年計劃中。

Jonathan Arnold with Vertical Research.

Vertical Research 的喬納森·阿諾德 (Jonathan Arnold)。

Just a quick one. On -- you've obviously assembled an impressive group of new leaders. Are we done with that process or is there still more to come?

只是一個快速的。開 - 你顯然已經召集了一群令人印象深刻的新領導者。我們完成了這個過程還是還有更多的事情要做？

I'm sorry, Jonathan. Can you repeat your question?

對不起，喬納森。你能重複你的問題嗎？

Yes. Just curious on the leadership team, if we're -- you're pretty much done with what you're planning there? Or is there more to come?

是的。只是對領導團隊感到好奇，如果我們 - 你已經完成了在那裡的計劃？或者還會有更多？

Oh, thank you. No, we're not done. There's more to come. And I think you'll like what you see. We still have an engineering role, which we've highlighted as an important role, I think, for PG&E because we've spent so much time responding to crisis that I think there's been a loss of the ability to focus on the horizon to get focused on the future of the clean energy transformation and how that clean energy transformation overlaps with the need for wildfire prevention. And I think there's a really exciting opportunity where new technologies with the right engineering team can mitigate our multiple risks, supply shortages in the summer, wildfire mitigation as well as our clean energy transformation. And so we're definitely -- we've got some great names coming. I'm not going to -- we broken up news today. We'll be sharing the additional news here in the coming weeks of additional talent that's joining the team.

哦謝謝。不，我們還沒有完成。還有更多。我想你會喜歡你所看到的。我們仍然有一個工程角色，我認為，對於 PG&E，我們強調這是一個重要的角色，因為我們花了太多時間來應對危機，以至於我認為已經失去了關注地平線的能力重點關注清潔能源轉型的未來以及清潔能源轉型如何與野火預防需求重疊。我認為這是一個非常令人興奮的機會，新技術與合適的工程團隊可以減輕我們的多重風險、夏季供應短缺、野火緩解以及我們的清潔能源轉型。所以我們肯定 - 我們有一些很棒的名字。我不會 - 我們今天打破了新聞。在接下來的幾週內，我們將在這里分享更多加入團隊的人才的消息。

Okay. Great. And maybe more for Chris. Just, Chris, could you perhaps just explain or maybe a reminder, just this -- the charge to do with the grantor trust a bit more and maybe focus on the implications for cash and timing and the like and if there's any sort of knock-on impact on financing needs? And if I recall, you wanted to -- you've been wanting to elect the grantor trust. So my assumption is that this is an outcome that (inaudible) there's going to be an upfront charge, it would be helpful.

好的。偉大的。也許對克里斯來說更多。只是，克里斯，你能不能解釋一下或者提醒一下，就是這個——與設保人信任有關的費用，可能會關注對現金和時間等的影響，如果有任何敲門聲——對融資需求的影響？如果我沒記錯的話，你想——你一直想選出設保人信託。所以我的假設是，這是一個結果，（聽不清）會有預付費用，這會很有幫助。

Sure, Jonathan. Thanks for the question. Happy to take it, too. And I appreciate it because definitely, I want to simplify this. This is ultimately good tax planning for the company. The bottom line is, if we are able to elect the grantor trust construct, which we're on a good path. We've noted here today that we've had current ongoing discussions with the Fire Victims Trust and from the IRS. So we believe it's likely we'll be able to make that election. What would happen there is no impact to financing needs. And let me unpack that a little bit.

當然，喬納森。謝謝你的問題。也很高興接受它。我很感激，因為我當然想簡化它。這最終對公司來說是一個很好的稅收籌劃。底線是，如果我們能夠選出設保人信任結構，那我們就走在了一條好的道路上。我們今天在這裡指出，我們目前正在與火災受害者信託基金和美國國稅局進行討論。所以我們相信我們很可能能夠進行選舉。會發生什麼對融資需求沒有影響。讓我把它拆開一點。

So PG&E will be required to take the $1.3 billion noncash charge reversing the deferred tax asset we created. And that's ultimately just an advantage that we gain here, right? Because now the advantage of the grantor trust is we're able to experience the benefit of the share price appreciation that would occur. So we'll reverse that charge as soon as we recognize income in future periods, which depends on the price at which the Fire Victim Trust sells the stock. So should we electric the grantor trust, which we'll do by April, there are no financing need changes. We will benefit from a tax standpoint, and the Fire Victims Trust would benefit as well from the construct from a tax planning purpose.

因此，PG&E 將需要承擔 13 億美元的非現金費用，以沖銷我們創建的遞延稅款資產。這最終只是我們在這裡獲得的優勢，對吧？因為現在設保人信託的優勢是我們能夠體驗到可能發生的股價升值帶來的好處。因此，一旦我們在未來期間確認收入，我們將立即撤銷該費用，這取決於 Fire Victim Trust 出售股票的價格。因此，我們應該為設保人信託提供電力，我們將在 4 月之前完成，融資需求沒有變化。我們將從稅收的角度受益，火災受害者信託基金也將從稅收規劃目的的構建中受益。

Michael Lapides with Goldman Sachs.

Michael Lapides 與高盛。

Hey, Patti and team, congrats to everybody on your new roles. My question is a little more longer term in trying to think about the work the company will do to help the state achieve its goals and vice versa. Anytime I've seen a regulated utility succeed over the long term, and succeed is probably defined in terms of providing reliable, safe, low cost, clean power, where it's low cost as possible. It also comes with supportive policymaking and regulation. Those 2 things tend to go hand-in-hand. When you look at how California policy is set up and aligned right now and the things that are in place, but also the things that might be on your wish list, things that maybe aren't in place today but could exist tomorrow, whether it's policy, whether it's regulation or something else, what would be on that wish list?

嘿，帕蒂和團隊，祝賀大家擔任新角色。我的問題是從更長遠的角度考慮公司將為幫助國家實現其目標所做的工作，反之亦然。任何時候我都看到受監管的公用事業公司長期取得成功，而成功的定義可能是提供可靠、安全、低成本、清潔的電力，盡可能降低成本。它還伴隨著支持性的政策制定和監管。這兩件事往往是齊頭並進的。當您查看加利福尼亞州的政策現在是如何制定和調整的，以及已經到位的東西，還有可能在您的願望清單上的東西，今天可能還沒有到位但明天可能存在的東西，無論是政策，無論是監管還是其他什麼，願望清單上會有什麼？

Well, thank you for asking the question. A couple of things. First, one thing I will share as a newcomer to the California scene, I have been pleasantly surprised by the regulatory environment and the construct. I think outside of California, I told myself things about what was true here. And now that I am here, there's some really good components of our regulatory construct, multiyear general rate cases with attrition adjustments. Many of you know that I have long advocated for annual filings because you need flexibility and adjustment. But as I see the California construct, we have these long-term rate cases and filings and outcomes that provide long-term certainty to revenue, but we still have balancing accounts that allow for that flexibility to adjust and adapt as needs and conditions for our customers change. And I like that a lot. That's a good part of the construct. The decoupling, the pass-through costs associated with commodity procurement, all of these elements make for a pretty solid regulatory construct when we do what we said we would do. And so it comes back to that whole thing. So my wish list, Michael, truly is that we are reliable again and our word stands. And so that's the focus of our efforts. It's the focus of our attention.

嗯，謝謝你提出這個問題。幾件事。首先，作為加州的新人，我要分享一件事，我對監管環境和結構感到驚喜。我想在加利福尼亞以外的地方，我告訴自己這裡的真實情況。現在我在這裡，我們的監管結構中有一些非常好的組成部分，多年的一般利率案例和自然減員調整。你們中的許多人都知道我長期以來一直提倡年度申報，因為您需要靈活性和調整。但正如我所看到的加州結構，我們有這些長期利率案例、文件和結果，為收入提供了長期的確定性，但我們仍然有平衡賬戶，允許這種靈活性根據我們的需要和條件進行調整和適應客戶改變。我非常喜歡。這是構造的一個很好的部分。脫鉤、與商品採購相關的轉嫁成本，當我們按照我們說的去做時，所有這些要素都構成了一個非常穩固的監管結構。所以它回到了整個事情。所以我的願望清單，邁克爾，真的是我們再次可靠並且我們的承諾。這就是我們努力的重點。是我們關注的焦點。

Now to your point about the long-term aspirations of policymakers here around clean energy and affordable energy. You may be aware the that the commission held an en banc event yesterday, and I was very optimistic about what I heard from that event. There's a real recognition that there's a risk that the entire clean energy transition, the cost of it is borne in a residential electric bill. And that, in many ways, is basically a regressive tax. It's tax policy borne out in electric bills. And the good news is that was part of the conversation yesterday, that we need to make sure that we have holistic cost-sharing for the clean energy transition. And frankly, if we do our job right, we can help reduce costs. And certainly, the unit cost of energy should go down as electrification takes hold, both in buildings and vehicles.

現在談談決策者對清潔能源和負擔得起的能源的長期願望。你可能知道委員會昨天舉行了一次全體會議，我對我從那次活動中聽到的消息非常樂觀。人們真正認識到，整個清潔能源轉型存在風險，其成本由住宅電費承擔。而且，在許多方面，這基本上是一種累退稅。這是電費單上的稅收政策。好消息是，這是昨天談話的一部分，我們需要確保我們對清潔能源轉型進行全面的成本分攤。坦率地說，如果我們做對了工作，我們可以幫助降低成本。當然，隨著電氣化在建築物和車輛中的應用，單位能源成本應該會下降。

So I do think what -- if I had a wish list outside of my own wish list that we do what we say we're going to do, the rest of my wish list would be that we, as California, come together and find a holistic set of solutions that meet the expectations of our citizens. I find the ambitions inspiring, and we do it together as a state and that we don't finger-point and suboptimize, but rather, we work together to come for a great outcome, the best outcome for Californians, which frankly, then can be a role model for the rest of the world.

所以我確實認為 - 如果我在自己的願望清單之外有一個願望清單，我們按照我們說的去做，我的願望清單的其餘部分將是我們，作為加利福尼亞州，聚在一起找到一整套滿足我們公民期望的解決方案。我發現這些雄心壯志令人鼓舞，我們作為一個州共同努力，我們不會相互指責和次要優化，而是我們共同努力以取得偉大的成果，對加利福尼亞人來說最好的成果，坦率地說，然後可以成為世界其他地區的榜樣。

(Operator Instructions) Jeremy Tonet with JPMorgan.

（操作員說明）Jeremy Tonet 與摩根大通。

Patti, just wanted to say thanks for all the observations and congratulations as well. But maybe just kind of taking a step back just as far as what brought you to this position that you felt compelled to take it? And just as you look at PCG versus your experience at CMS, just wondering if you might -- if it makes sense to contrast what you see here or maybe just asked more directly, is the CMS way the right fit for PCG or could the clear sky playbooks look different?

帕蒂，只想對所有的觀察和祝賀表示感謝。但也許只是退後一步，就像是什麼讓你走到了這個你覺得有必要接受的位置？正如您比較 PCG 與您在 CMS 的經歷一樣，只是想知道您是否可以 - 對比您在這裡看到的內容是否有意義，或者可能只是更直接地詢問，CMS 方式是否適合 PCG 或者是否可以明確天空劇本看起來不一樣？

Well, first of all, a little shout-out to all my friends at CMS. They know I love them, and I think about them all the time. I was compelled by the mission here at PG&E. And this is what I'm finding, both in the people who are here, the people who stayed. They say, when the going gets tough, the tough get going. And this team has got going. I mean this PG&E team that I have met is resilient and strong, and they are here and they have stayed. And I'm proud of them and grateful for them for their endurance.

好吧，首先，向我在 CMS 的所有朋友大聲疾呼。他們知道我愛他們，我無時無刻不在想著他們。我被 PG&E 的使命所驅使。這就是我在這裡的人和留下來的人身上所發現的。他們說，當事情變得艱難時，艱難的人就會前進。這個團隊已經開始了。我的意思是，我遇到的這個 PG&E 團隊很有彈性，也很強大，他們來過這裡，也一直留下來。我為他們感到驕傲，並感謝他們的忍耐力。

The additional team members we're bringing along, and the reason I am here is because we felt compelled by this cause, that the people of California need PG&E to be strong. We need PG&E to have the capability to answer the call that the citizens and the policymakers are defining. And so when I thought about both the citizens of California and I thought about the people who work at PG&E, at the end of the day, Jeremy, I just couldn't turn away. And I think people know I had a pretty good gig back there in Michigan. And -- but to sit and not do my part just didn't feel like an acceptable choice. So I came out, and I'm happy to report again that people are coming with me, and it's really -- it's a mission worth serving.

我們帶來的額外團隊成員，以及我來到這裡的原因，是因為我們感到被這一事業所驅使，加利福尼亞人民需要 PG&E 變得堅強。我們需要 PG&E 有能力響應公民和政策制定者所定義的號召。因此，當我想到加利福尼亞州的公民和在 PG&E 工作的人時，在一天結束時，傑里米，我無法拒絕。而且我認為人們知道我在密歇根那裡有過很好的演出。而且 - 但坐下來不做我的部分感覺並不是一個可以接受的選擇。所以我出來了，我很高興再次報告說有人和我一起去，這真的是——這是一項值得服務的使命。

Now I'll also say that it won't be the CMS playbook, it will be the PG&E playbook. We have to write our own based on the current conditions and needs of the system. And -- but the lean concepts are universal, and they weren't written at CMS. Heck, they were written 100 years ago. [Deming] wrote some of the early fundamentals and lots of companies have implemented them. And I've seen it implemented well, and I've seen it implemented poorly. And we're going to implement it well.

現在我還要說，它不會是 CMS 劇本，而是 PG&E 劇本。我們得根據系統的現狀和需要自己寫。而且——但是精益概念是通用的，它們不是在 CMS 編寫的。哎呀，它們是 100 年前寫的。 [戴明]寫了一些早期的基本原理，許多公司已經實施了它們。我見過它實施得很好，也見過它實施得很差。我們將很好地實施它。

I do think my years of experience do bring visibility and perspective about what good looks like when we talk about a lean implementation. And so the team and I here are writing that playbook, and we're going to implement it. And I'm highly confident that it will provide the certainty and the transparency and the ability to deliver outcomes, not just activity, but outcomes for the sake of the people that we serve.

我確實認為，當我們談論精益實施時，我多年的經驗確實帶來了關於什麼是好的的可見性和觀點。因此，我和我的團隊正在編寫該劇本，我們將實施它。而且我非常有信心，它將提供確定性和透明度以及交付成果的能力，不僅僅是活動，而是為了我們所服務的人們的利益。

Great. That's very helpful. And maybe just a separate question on the SBA agreement. Just if you could walk us through what happens if, God forbid, there was a cause of a fire from the telco assets, just how would that work exactly there?

偉大的。這很有幫助。也許只是關於 SBA 協議的一個單獨問題。只是如果你能告訴我們如果上帝保佑，電信資產起火會發生什麼，那麼它在那裡究竟是如何工作的？

Sure. So in terms of the agreement, the way to think about it, Jeremy, is at a high level in all situations, PG&E retains the ability to have appropriate and safe access to its facilities. That's everything from pole loading, ensuring that any new facilities that are cited are done so only in a situation where we know ahead of time that the additional weight is appropriate. It also means that if there are impacts to the facilities, certainly in that situation, it will be evaluated for liability at that stage. But ultimately, where we're focused is -- and this is really the impetus behind the agreement, was to ensure that going forward, PG&E maintain the flexibility to manage our assets as we need to do. And that flexibility remains with this agreement.

當然。因此，就協議而言，傑里米，在所有情況下都處於高水平，PG&E 保留對其設施進行適當和安全訪問的能力。這就是從電線桿加載到確保引用的任何新設施僅在我們提前知道額外重量合適的情況下才這樣做的一切。這也意味著如果設施受到影響，當然在那種情況下，將在那個階段評估責任。但最終，我們關注的重點是——這確實是協議背後的推動力，是為了確保未來，PG&E 保持靈活性，按照我們的需要管理我們的資產。該協議保留了這種靈活性。

There are no further questions at this time. I will now turn the call back over to Patti Poppe for final remarks.

目前沒有其他問題。我現在將把電話轉回給 Patti Poppe 進行最後的評論。

Thanks, Jack. Well, thanks, everyone, for the discussion today. It really was good to be with all of you. We are looking forward to staying in touch in the coming months. And certainly, most importantly, restoring your trust and your confidence in the PG&E team. Thanks again for joining us today.

謝謝，傑克。嗯，謝謝大家今天的討論。和大家在一起真的很開心。我們期待在接下來的幾個月中保持聯繫。當然，最重要的是，恢復您對 PG&E 團隊的信任和信心。再次感謝您今天加入我們。

This concludes today's call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。